The overall private residential property index fell for a seventh
straight quarter, with prices down by 0.9% in the April to June period,
compared to the 1% decline in the previous quarter, according to Urban
Redevelopment Authority (URA) flash estimates released on Wednesday (Jul 1).

Prices of non-landed private
residential properties declined in all market segments, the URA said. In the
Core Central Region, prices fell 0.5%, higher than the 0.4% decline in the
previous quarter. Prices in the Rest of Central Region fell 0.5%, compared to
the 1.7% decline in the previous quarter. In the Outside Central Region, prices
fell 1.2% , higher than the 1.1% decline in the previous quarter.

The flash estimates are compiled based
on transaction prices given in contracts submitted for stamp duty payment and
survey data on new units sold by developers during the first ten weeks of the
quarter. The statistics will be updated four weeks later when URA releases the
full real estate statistics for the second quarter of 2015, which captures more
data from the stamp duty records and the take-up of new projects.

"Past data have shown that the
difference between the quarterly price changes indicated by the flash estimate
and the actual price changes could be significant when the change is small. The
public is advised to interpret the flash estimates with caution," the URA
added.

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